Royale Energy Announces Operations Update on the Permian Basin Joint Development Agreement [Yahoo! Finance]
ROYALE ENERGY INC (ROYL)
US:NASDAQ Investor Relations:
royl.com/investor
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Source: Yahoo! Finance
to announce new progress on its Joint Development Agreement (JDA) with Ares Energy LTD, located in the Permian Basin, Texas. This project is a horizontal resource play in the Mississippian interval. Royale and its investors have a 5% Working Interest in the fifth and sixth wells that are in the process of drilling and completing on the 17,000+ net acres project, located in Ector County, Texas. OPERATIONS The Company currently has 4 producing wells in this project with 2 more wells in the process of getting completed on this acreage. The fifth well is expected to be on production in late Q2 and the sixth well is expected to be on production in late Q2 / early Q3 2024. The fifth well began drilling in February 2024 and is currently in the early stages of flowing back the completion fluids. After 13 days of flowback it is currently producing over 700 BOPD & 850 MCFD. The sixth well began drilling in May 2024 and is currently at a measured depth of 20,014' with over 9,000' of that
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